$30k down payment for a Ferrari?

Set up a company | Qualify for 90% loan | Pay just 10% down payment, insurance and first instalment

A Ferrari is not all that out of reach because of a loophole in car loan regulations. All anyone has to do is to register a company and this will allow him to legally obtain a 90 per cent car loan.

Current loan curbs require at least a 40 per cent cash down payment on the purchase price of a car with an open market value (OMV) of more than $20,000.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

A version of this article appeared in the print edition of The Sunday Times on August 04, 2019, with the headline 'How to snag a supercar for just $38k'. Subscribe